PUBLIC TRUST OFFICE

Greymouth Evening Star, 29 June 1925, Page 8

PUBLIC TRUST OFFICE

ANOTHER RECORD YEAR.

The Hon. th® Minister of Finance (the Hon. W. Noapvorthy). in announcing the result, v pi the year, s working of the Public' Jrust 2Jnce for the year ended 31st Match, 1925, states that the business transacted during the year exceeds all previous records. . The value of the estates and Junds under administration on the 31st March, 1925, was £35,570,642— an increase for the fourth consecutive year of over three million pounds. •. “The following figures,’’ said .the Minister, “will give an indication of the remarkable growth of the office : — “In 1890 the value of the. estates and funds under administration was £1,240.098 ; in 1895, £1,562,269 ;' m 1900, £2,192,594; in 1905,-£3,577,355 in 1910, £7,358,947; in 1915, £13,580,936; in 1920, £20,860,686; m 1925, £35,570,642. 1 It will be seen that the value has increased by nearly fifteen million pounds in th® past five years, and that in fifteen it has increased almost five-fold. “The new business entrusted to the office during the year also exceeds all previous records. 3023 new estates were accepted for administration of a total value of £4,621,869, repre-,, seating an increase of £840,714, over

the new business for the previous year, which wag itself ahead of all earlier records. Of the estates reported during the year 490 were administered completely and closed within the year. The total number of estates closed during the year was 1921, of a total value of £1,317,163. The reduction of the charges in April 1923, and the discontinuance of certain special fees so as- to make the commission inclusive of all services, has led to the appointment of the Public Trustee as executor of an increasingly large number of wi.Js affecting estates of considerable v-Mue., and it is gratifying to be able to ve* ,M>rt that wealthy testators are -.showing a growing confidence in ' the office, so that there is a steady growth in the value of the estates under administration. The number of wills

held for safe custody on behalf of living testators on 31st March last was 44,102, and the number is being added to constantly at the rate .of between four and five hundred a month. This number does not include wills in which the Public Trustee is appointed executor, but which are hpld outside the office. “The new investments made during the year amounted to £3,180,533y—£1,880,978 in mortgages, £50.551 in Government securities, and £791,287 in local bodies’ debentures, other investments £457,717, making a total amount invested on 31st March, 1925, of £22,106, 190. The.net profits for the year are £90,522 6s Id, as comj .car 7d for the

pared with us m lor preceding year —a return exceeding that of any previous year. Tn 1921. and 1922 the profits amounted to £10,691 and £11,053 respectively—returns reflecting the difficult, times through which the Dominion was then passing. Since those years conditions have shown a- very marked improvement, and the business of the office has steadily progressed on mor© profitable lines, and it is exceedingly pleasing to be able to afford particulars of a year showing the best result:? yet attained. This result has not been achieved merely as a result of an increased revenue. Every attention has ' been given tq .economical management, and notwithstanding the fact that’the' value of the estates and funds under administration pn 31st March last, exceeded the value on 31st March 1921, by more than fourteen, million pounds, the expenses 1 1 1-1 1... COO /11 f-i

of management decreased by £28, 41b. ’ The increase in the expenses for the J current year over thoss of the prev--5 ious year is largely accounted for by the increase in salaries following upon the regrading of the Public Service. ' Apart from that the increase in the ’ expenses has been very small, not--1 withstanding the huge volume of new business handled during the year under review. The question of the accounts, organisation, and control of tho many businesses, carried on by the Public Trustee in his capacity as executor, trustee, or committee, etc., continues to receive the most careful attention, and every effort has been made to build up a system that will make for efficient and economical management, ensure that each business is placed on a sound basis, immediately it cpmes under the Public Trustee’s control, and provide every possible safeguard for the busi-

ness assets. It is recognised, that this matter is one of the utmost imnortance, and the Public Trustee will continue to give it the closest attention. The prospects of the office are very encouraging. The new business entrusted to its care grows continually, and the circle of its influence is steadily extending. An enormous volume of business is already assured for the coming years, and it is confidently felt that in the future the growth will be even greater and more rapid than it has been in the past. Every effort will be made to give the public the best service on the most advantageous terms that conditions will from time to time permit.”